Victoria Real Estate Update - August 2009

July 09 Victoria Real Estate Market Update


Victoria Housing Sales Surge and Soar in July

MLS® sales last month included 516 single family homes, 252 condominium, 103 townhomes and 14 manufactured homes.  The number of new Listings during July were 1,357 and the total ACTIVE listings count came in at 3,632 as of July 31 down 20 per cent from the 4,557 properties available in the same month a year ago.

MLS® sales last month included three homes selling between $2,000,000. - $2,999,999. in the Victoria area, sales between $1,000,000. - $1,999,999. range showed two in Victoria and two in Oak Bay. Year-to-date one hundred single family homes have sold starting at $1,000,000. up.  Year-to-date there has been three condominium sales starting at $1,000,000. up...and am proud to say I was involved with the highest condo sale for the month of July (out of all the different areas).  There was a bit of an increase in condo prices.  Below is a graph to show explain this...


July 09 Victoria Real Estate Condo Update


The number of sales of homes and other properties reached their highest peak for the month of July in at least 19 years.  A total of 933 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down slightly from the 946 sales in June but up a remarkable 51 per cent compared to the 616 sales in July of last year.  Victoria Real Estate Board President, Chris Markham, says the continued strength in the market reflects growing optimism among consumers, “There are indications that the recession is nearing an end and people are feeling more confident in the economy and consequently more confident about making a move up or down in the housing market, depending on their needs.” Markham noted that sales so far this year are running about two per cent higher than in the same period a year ago. “The year began very slowly but the rebound in the past four months has been significant,” he added.

Prices for both condominiums and townhomes rose last month while prices for single family homes declined slightly. The average price for single family homes sold in Greater Victoria last month was $565,469, down from $588,186 in June. The median price declined slightly to $520,000. The six-month average was $562,909. The overall average price for condominiums was $328,441 month, up from $298,200 in June. The average for the last six months was $303,665. The median price for condominiums in July rose to $290,000. The average price of all townhomes sold last month was $443,109, up from $413,218 in June. The median price rose to $421,000. The six month average was $411,210.

Year to date there has been 987 sales in the Victoria area, 215 in Oak Bay, 181 in Esquimalt, 164 in View Royal, 807 in Saanich East, 159 in Central Saanich, 115 in North Saanich, 188 in Sidney, 16 in the Highlands, 216 in Colwood, 611 in Langford, 32 in Metchosin and 235 in Sooke.  I hope this helps you learn about the market in Victoria this summer.  For more sale information in Oak Bay please read my blog page and stay tuned for more Victoria market updates!